Shares of Kalyan Jewellers India Ltd. rose over 7% on Friday after its consolidated revenue grew 27% in the second quarter.
The jewellery retailer's revenue from Indian operation surged 32% year-on-year during the quarter ended September. The consolidated revenue across all its markets in India and the Middle East jumped 29% in the first half of the fiscal, according to an exchange filing.
Shares of Kalyan Jewellers surged 7.51% during the day to Rs 252 apiece, the highest since Sept. 5. The shares were trading 6.59% higher at Rs 249.85 apiece, compared to a 0.32% advance in the benchmark NSE Nifty 50 at 11.32 a.m.
It has risen 95.22% on a year-to-date basis. The total traded volume so far in the day stood at three times its 30-day average. The relative strength index was at 65.37 as of 11.28 a.m.
All six analysts tracking Kalyan Jewellers maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 11.9%.
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